Tag: pmc bank

RBI, BFSI News, ET BFSI

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Unity Small Finance Bank Limited, a joint venture between Centrum Group and Bharatpe, has commenced operations as a small finance bank with effect from Monday, according to an RBI release.

On October 12, the Reserve Bank gave the final licence to Unity Small Finance Bank, a consortium floated by Centrum Financial Services and Resilient Innovations, an arm of the digital lending platform Bharatpe, four months after giving it an in-principle nod to establish a small finance bank and then takeover the scam-ridden Punjab and Maharashtra Cooperative (PMC) Bank, which was under direct RBI control since mid 2019.

In June, the Reserve Bank had given the in-principle approval for the 12th small finance bank licence to the consortium provided its takes over PMC, the city-based cooperative lender under restrictions for more than two years after a massive over Rs 7,000-crore fraud.

The Centrum group owns 51 per cent in Unity Small Finance Bank and the remaining equity is held by the Gurugram-based Bharatpe.

While giving the in-principle, the RBI said it has been accorded in specific pursuance to the Centrum Financial Services Limited’s offer in February in response to the Expression of Interest published by the Punjab & Maharashtra Co-operative Bank Ltd, Mumbai. PTI NKD MR MR



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RBI, BFSI News, ET BFSI

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Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.

It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank.

Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium.

Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021,

As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for disbursement of Rs 5 lakh can be further extended by 90 days.

“The Reserve Bank finds it expedient in the interest of finalising a scheme of amalgamation of the insured bank with other banking institution or a scheme of compromise or arrangement or of reconstruction in respect of such insured bank, and communicates to the Corporation accordingly, the date on which the Corporation shall become liable to pay every depositor of such insured bank may further be extended by a period not exceeding ninety days,” it said.

In September 2019, the RBI had superseded the board of PMC Bank and placed it under various regulatory restrictions after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.

The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these stressed banks. Of the 20 banks, 10 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.

Last year, the government increased the insurance cover on deposits by five times to Rs 5 lakh. The enhanced deposit insurance cover of Rs 5 lakh came into effect from February 4, 2020.

Every bank used to pay 10 paise as an insurance premium per Rs 100 of deposit. It was raised to 12 paise per Rs 100 in 2020. It cannot be more than 15 paise at any point in time per Rs 100 deposit.

It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it has been static since 1993.



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HC rejects Rakesh Wadhawan’s medical bail plea, BFSI News, ET BFSI

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The Bombay High Court on Thursday refused to grant bail on health grounds to jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case. Wadhawan, founder of Housing Development Infrastructure Limited (HDIL), was arrested by the Enforcement Directorate in 2019 in the case.

A single bench presided over by Justice Nitin Sambre said that Wadhawan’s submission that he was immediately required to be released on temporary bail on medical ground, was “not justified”.

It said that denial of medical bail was in no way a breach of Wadhawan’s fundamental right to life since he had been provided adequate medical treatment by the state prison authorities whenever required.

Wadhawan, who recently underwent a surgery for pacemaker implantation, had sought that he be released on bail so that he can seek discharge from the civic-run KEM Hospital in the city, where he is recuperating currently while in judicial custody, and shift to a private hospital while out on bail.

Wadhawan had said in his plea that he suffered from severe co-morbidities, that his immune system had been compromised after having contracted COVID-19 recently, and that he was susceptible to contracting infections and ailments while at the civic hospital due to the heavy footfall the hospital received.

He further said that the KEM Hospital did not have an ICU facility specifically meant for those suffering from cardiac issues.

State’s counsel Prajakta Shinde, however, objected to Wadhawan’s bail plea.

She pointed out that he had been provided timely and specialised medical treatment at state-run and civic hospitals by the state prison authorities from time to time since his arrest.

Shinde said the KEM Hospital authorities had themselves recommended that Wadhawan be shifted to another hospital for the pacemaker implantation surgery since the hospital didn’t have such facility. However, now that the surgery was over, Wadhawan could continue his medical treatment at KEM.

Shinde also submitted documents to show that KEM hospital was currently undergoing renovations and arrangements were being made to set up a cardiac ICU within a few weeks.

The court took note of the state’s submissions and agreed that Wadhawan had indeed been provided the “best possible” medical treatment by the state prison authorities whenever required.

“In the backdrop of aforesaid (treatment having been provided by state authorities), it cannot be inferred that right of the applicant guaranteed under Article 21 of the Constitution for having proper medical treatment in super-speciality hospital is violated,” the high court said.

“Rather, various medical treatments which are given to the applicant are proved to be life-saving at this stage. The claim put forth by the applicant that he is immediately required to be released on temporary bail on medical ground is not justified. It lacks merit and stands rejected,” it added.

The court, however, granted Wadhawan the liberty to approach the court in case of any emergency.



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Punjab and Maharashtra Co-operative Bank resolution at an advanced stage: RBI

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In June, the central bank had given in-principle approval to a consortium set up by Centrum Financial Services and BharatPe to acquire the beleaguered co-operative bank.

The resolution process for Punjab and Maharashtra Co-operative (PMC) Bank is at an advanced stage, Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao said on Friday. In June, the central bank had given in-principle approval to a consortium set up by Centrum Financial Services and BharatPe to acquire the beleaguered co-operative bank.

“Centrum and its partner BharatPe have submitted their application for licence and is at an advanced stage of consideration. Once that final licence is approved, we will very shortly be proceeding ahead with the draft scheme and getting the requisite approvals,” Rao said, adding, “So, it is in an advanced stage.”

According to the terms of the approval, the Centrum-BharatPe consortium was to operationalise a small finance bank within 120 days. In June, Jaspal Bindra, executive chairman, Centrum Group, had said the RBI would prepare and submit the relevant notification only after the bank became operational. Under Section 45 of the Banking Regulation Act, the regulator can only take up a proposal for amalgamation of one bank with another bank, and not with a non-bank entity.

Once the draft scheme for amalgamation or reconstitution is ready, it is expected to be put in the public domain for comments. Thereafter, it will be notified through the gazette.

In September 2019, the RBI had superseded the board of directors of PMC Bank, placed it under an administrator and capped withdrawals from the bank amid allegations of surging defaults and financial misdemeanour. In response to a call for bids to take over the bank in November 2020, PMC Bank had received binding offers from certain investors. Eventually, the Centrum-BharatPe consortium received the regulator’s go-ahead in June this year.

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DICGC to announce revised date for submission of claims by PMC Bank depositors

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The Deposit Insurance and Credit Guarantee Corporation (DICGC) has clarified that it will separately communicate the revised date for submission of claims and the procedure to be followed in respect of payment of deposits in the case of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.

This clarification comes even as big depositors of PMC Bank were on tenterhooks about submitting a form that requires them to declare the “willingness of depositors to receive insurance claim amount (up to ₹5 lakh) from DICGC.”

The “willingness” clause was interpreted by some of the depositors to mean that they may not receive deposits above ₹5 lakh. Hence, PMC Bank depositors, with deposits above Rs 5 lakh, were reluctant to submit the form.

Now, the Corporation has stated that in the case of PMC Bank, there may be a need to invoke the provisions of Section 18 A (7) (a) of the DICGC (Amendment) Act, 2021.

Also read: Banking venture of Centrum Financial Services christened Unity SFB

As per the aforementioned section, “the Reserve Bank finds it expedient in the interest of finalising a scheme of amalgamation of the insured bank with other banking institution or a scheme of compromise or arrangement or of reconstruction in respect of such insured bank, and communicates to the Corporation accordingly, the date on which the Corporation shall become liable to pay every depositor of such insured bank may further be extended by a period not exceeding ninety days.”

Chander Purswani, President, PMC Depositors Forum, said: ”Our fight was never for ₹5 lakh but for the entire money. We stand by that. We are confident that the RBI and the Centrum-BharatPe combine will not let us down.”

Need for a roadmap

Purswani emphasised that RBI should give a roadmap as to how and when PMC Bank depositors with deposits above ₹5 lakh will get their money back along with accrued interest.

He said PMC Bank has about one lakh depositors with deposits up to ₹5 lakh and about 43,000 depositors with deposits above ₹5 lakh.

RBI had accorded “in-principle” approval to Centrum Financial Services Ltd (CFSL), which is a wholly owned subsidiary of Centrum Capital Ltd, on June 18, 2021, to set up a small finance bank (SFB). This approval was in specific pursuance to CFSL’s February 2021 offer in response to PMC Bank’s November 2020 Expression of Interest (EoI) notification.

Unity Small Finance Bank

CFSL has christened its proposed banking venture as Unity Small Finance Bank.

Under the “in-principle” approval, CFSL will first operationalise Unity SFB in 120 days. Thereafter, RBI will place in public domain a draft scheme of amalgamation of PMC Bank with the SFB. The last step will be government’s sanction for the scheme.

DICGC had, on September 21, 2021, asked the depositors of 21 urban co-operative banks (UCBs), including PMC Bank, Sri Gururaghavendra Sahakara Bank, Rupee Co-operative Bank and Kapol Co-Operative Bank, which are currently under the Reserve Bank of India’s All-Inclusive Directions (AID), to contact their banks and submit the declaration of willingness to enable DICGC to make payments.

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Depositors of scandal-hit PMC Bank, 20 others to get up to Rs 5 lakh within 90 days, BFSI News, ET BFSI

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The Deposit Insurance and Credit Guarantee Corp will pay depositors of 21 insured banks, which includes scandal-hit PMC Bank, the amount equivalent to the deposits, up to a maximum of Rs 5 lakh, within 90 days.

Necessary instructions have been issued to the banks to submit the claims within 45 days after obtaining the approval from depositors to claim deposit insurance. The verification and settlement of the claims should be done by November 29, 2021, DICGC said in a a release.

These banks shall submit a claim list by October 15 and update the position as on November 29, with principal and interest, in a final updated list, which will enable DICGC to discharge its insurance liability in full as per norms.

Unpaid or the difference in amount of deposits up to Rs 5 lakh, as per final updated list, will be paid within 30 days of receipt, that is by December 29.

The Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.

In 2019, the Reserve Bank of India imposed restrictions on PMC bank after observing financial irregularities, including under-reporting of bad loans. From the findings of the probe, it was discovered that Rs 250 crore worth of fake deposits were shown in the system, and that the bank had manipulated its net time and deposits using HDIL and DHFL cheques.

Here’s the list of the 21 banks:

> Adoor Co-Operative Urban Bank, Kerala
> Bidar Mahila Urban Co-Op Bank, Karnataka
> City Co-Op Bank, Maharashtra
> Hindu Co-Op Bank, Punjab
> Kapol Co-Op Bank, Maharashtra
> Maratha Sahakari Bank, Maharashtra
> Millath Co-Op Bank, Karnataka
> Needs of Life Co-Op Bank, Maharashtra
> Padmashree Dr. Vithal Rao Vikhe Patil, Maharashtra
> People’s Co-Op Bank, Kanpur, Uttar Pradesh
> Punjab & Maharashtra Co-Op Bank (PMC Bank), Maharashtra
> Rupee Co-Operative Bank, Maharashtra
> Shri Anand Coop Bank, Pune, Maharashtra
> Sikar Urban Co-Op Bank, Rajasthan
> Sri Gururaghvendra Sahakara Bank Niyamitha, Karnataka
> The Mudhol Co-Operative Bank, Karnataka
> Mantha Urban Cooperative Bank, Maharashtra
> Sarjeraodada Naik Shirala Sahakari Bank, Maharashtra
> Independence Cooperative Bank, Nashik, Maharashttra
> Deccan Urban Co-Operative Bank, Vijaypur, Karnataka
> Garha Co-Operative Bank, Guna, Madhya Pradesh

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Enforcement Directorate attaches HDIL group’s shares worth Rs 233 crore, BFSI News, ET BFSI

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The Enforcement Directorate (ED) on Thursday said it has attached partly-paid compulsorily convertible preference shares worth Rs 233 crore of HDIL group companies in the alleged multi-crore-rupee PMC bank fraud and money-laundering case. It said “on the strength” of these shares, HDIL had the rights for allotment of under-construction flats measuring 90,250 square feet FSI (floor space index) in Mumbai’s Ghatkopar of developer Aryaman Developers Private Limited.

“The developer has given an undertaking to ensure not to sell, transfer, alienate or create any third-party rights on completion of the project,” the ED said.

The agency has filed a money-laundering case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October, 2019 against the Housing Development Infrastructure Limited (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former managing director Joy Thomas.

The others under the agency’s scanner include the promoters and executives of Somerset Construction Private Limited, Serveall Construction Private Limited, Sapphire Land Development Private Limited, Emerald Realtors Private Limited, Awas Developers and Construction Private Limited, Prithvi Realtors and Hotels Private Limited and Satyam Realtors Private Limited.

The father-son duo were arrested by the ED in the case in October, 2019 and they are lodged in a Mumbai jail at present.

“Rakesh Wadhawan and other promoters of HDIL have fraudulently utilised the funds taken from the PMC Bank in various projects by projecting the same as untainted.

“During 2011-12, an amount of Rs 233 crore was transferred from HDIL group companies to the group companies of Mukesh Doshi of Mumbai and these funds were finally utilised by Aryaman Developers Private Limited in the slum rehabilitation project being developed in Ghatkopar East, Mumbai,” the ED said in a statement.

According to the understanding between Rakesh Wadhawan and Doshi, HDIL group companies would be allotted constructed area of FSI measuring 90,250 sq. ft of the carpet area in the proposed building.

“For this project, Aryaman Developers had its own investments, including loans from banks. The funds were utilised for the payment of land premium, rent to slum dwellers, construction of transit camps, fungible premium, construction of rehab and IOD (intimation of disapproval) deposit with the slum rehabilitation authority.

“The promoters of HDIL intended to take a backdoor exit from the project and approached Aryaman Developers for a settlement at Rs 150 crore for not causing hindrance in the ongoing project for slum rehabilitation,” the ED alleged.

It claimed that an “undertaking” was taken from Doshi in the form of an affidavit to ensure that the project after development would not fall in the hands of accused Rakesh Wadhawan.

Describing the role of HDIL in the alleged default with the PMC Bank, the ED said its group companies availed loans from the bank from time to time.

“The mode and manner of operation of bank accounts of HDIL clearly indicate the connivance of PMC bank officials with the promoters of HDIL.

“There was misconduct on the part of PMC officials as they ignored all the prevailing procedures to facilitate promoters of HDIL by extending unusual credit facility,” it alleged.

Instead of declaring those as non-performing assets (NPAs) for initiating actions for recovery, PMC bank officials chose to “accommodate” the HDIL group, the agency alleged.

“Due to such a criminal act of the promoters of HDIL group companies, the PMC Bank suffered a huge wrongful loss to the tune of Rs 6,117.93 crore,” it said.



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Moratorium banks’ depositors set to get up to Rs 5 lakh back by Nov 30, BFSI News, ET BFSI

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Depositors in dozens of co-operative banks currently under moratorium by the Reserve Bank of India (RBI) can look forward to quick settlement now. That is because the government has notified September 1, 2021 as the date from which depositors of banks under moratorium will get up to Rs 5 lakh within 90 days. This would mean that by November 30, 2021, depositors of banks under the moratorium are likely to get their money back. The Ministry of Finance made this announcement via a notification on August 27, 2021.

As per the finance ministry notification issued on August 27, “In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September 2021, as the date on which the provisions of the said Act shall come into force.”

Even depositors of banks that are already under moratorium by the RBI before the amendments were made will be eligible to get their money back within 90 days from September 1, 2021 i.e., by November 30, 2021.

Nishant Singh, Partner, Induslaw says, “Where RBI is working on a scheme of merger, arrangement or restructuring of the stressed bank, it can ask the DICGC to further extend the time taken by it to pay out deposit claims by another 90 days. In such cases, depositors may need to wait for 180 days instead of 90 days to get their insurance money. The main objective is to get more time for stitching a merger deal with a stronger bank and it will help the depositors to get their money back eventually.”

As per the RBI website, some of the banks that are currently under moratorium are Garha Co-operative Bank Ltd., Guna, Madhya Pradesh, Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka, Independence Co-operative Bank Ltd, Nashik, Maharashtra etc.

Recently, the government announced that depositors of failed or stressed banks that are placed under a moratorium by the central bank will be able to get their deposits back (up to Rs 5 lakh) back within 90 days from the start of the moratorium. The amendments in the DICGC Act was passed by the parliament in its Monsoon Session in August 2021.

How will depositors get their money back?
As explained by Finance Minister Nirmala Sitharaman, the 90-day period will be divided into two periods of 45 days. “The stressed bank on whom restriction is placed is expected to collate all information regarding the number of claimants and claim amount and inform DICGC about it within the first 45 days. Within the next 45 days, DICGC is mandated to process the claim and make payment to each eligible depositor,” finance minister Nirmala Sitharaman said during the press briefing on July 28, 2021.

“Normally, it takes 8 – 10 years after complete liquidation to get money under insurance; but now, even if there is a moratorium, within 90 days, the process will definitely be completed, giving relief to depositors,” the FM said in the press briefing on July 28, 2021.

The overall insurance amount of Rs 5 lakh includes both principal and interest held with the bank in the same right and capacity. This move is expected to cover around 98.3% of the total number of accounts and 50.9% of the value of total deposits held with the banks, the FM stated in the press briefing.

During a debate regarding the DICGC bill in the upper house of the parliament, it was clarified by the finance minister that PMC Bank depositors will also get the benefit of this amendment.

Deposits with all banks are covered under DICGC insurance cover of Rs 5 lakh; earlier many cooperative banks were not included in this coverage. However, in 2020 the government introduced an amendment in Banking Regulation Act where RBI was given complete regulatory control over cooperative banks and all banks were put under deposit insurance coverage.

Singh says, “In the last five years, almost 50 Urban Co-operative Banks (UCBs) have come under RBI’s All-Inclusive Directions and have posed a systemic risk in the banking sector. The amendment will pave the way for the stressed UCBs to merge with the stronger banks.”



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City Co-op Bank wants to emulate PMC Bank for reconstruction

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Mumbai-based The City Co-operative Bank (CCB) has decided to take a leaf out of the scam-hit Punjab and Maharashtra Co-operative Bank’s book and scout for investment/ equity participation for its reconstruction.

CCB has floated an Expression of Interest (EoI) to identify a suitable equity investor/ group of investors willing to take over management control to revive the bank and commence regular day-to-day operations.

The bank has dangled a carrot in front of prospective investor(s), whereby upon commencement of normal day-to-day operations, it will be open for the investor(s) to convert it into a Small Finance Bank (SFB).

V. T. Gokhale, a lawyer and former investment banker, said: “This is a new development coming close on the heels of the “in process” restructuring of PMC Bank.

“It is a sequel to the amendments carried out in the Banking Regulation Act, 1949, last year, which enables a cooperative bank, subject to RBI approval, to raise equity capital by way of public issue or private placement.”

RBI rejects CCB’s merger with MSC Bank

CCB has floated the EoI in the backdrop of the Reserve Bank of India (RBI) rejecting a proposal for its merger with the Maharashtra State Co-operative (MSC) Bank.

According to CCB’s website: “the Reserve Bank of India has shown (sic) its inability to consider the request submitted by Maharashtra State Co-operative Bank Ltd., to merge our Bank with them.”

Due to its poor financial position and negative net worth, the bank was placed under All Inclusive Directions among others, by RBI with effect from April 18, 2018.

Under the Directions, there are restrictions on deposit withdrawal, grant or renewal of any loans and advances, and making any investment.

PMC revival model

CCB said the Board of Directors, in its meeting held on 11th August 2021, decided to explore the possibility of inviting investment/ equity participation from potential investors for its reconstruction, ”as envisaged and successfully done by PMC Bank”.

The potential investors can be Financial Institutions, Banks, Non-Banking Finance Companies, Micro Finance Institutions, Resident Individuals, Professionals (singly or jointly), Companies, Societies, Trusts or other such entities.

CCB, which has ten branches in the Mumbai Metropolitan Region, had total deposits of ₹411.16 crore, advances of ₹204.90 crore and gross non-performing assets (NPA) of ₹194.59 crore as on 31st March, 2021, per the EOI.

The share capital of the bank is ₹10.41 crore. However, the bank registered a net loss of ₹15.08 crore during 2020-21 and has a negative net worth of ₹172.93 crore, the EoI said.

The bank said the investor(s) should ideally bring in the capital required for enabling the bank to achieve the minimum required capital to risk-weighted assets ratio (CRAR) of 9 per cent.

However, the investors may explore the option of restructuring a part of deposit liabilities into capital/ capital instruments, the EoI said.

The bank may also approach DICGC to support payment up to ₹5 lakh (insured deposits) to depositors.

After due evaluation, the viable proposal(s) will be forwarded to RBI for consideration for preparing a draft scheme of reconstruction and other consequential action under Banking Regulation Act, 1949.

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Depositors of PMC Bank still await clarity on withdrawals

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Nearly two years since it was placed under directions by the Reserve Bank of India, depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank) continue to face uncertainties over when they will access their savings.

Depositors are waiting for more clarity on when they would withdraw more funds after the DICGC Bill’s passage and want to know how they will be repaid amidst plans for the formation of a small finance bank.

About 1 lakh depositors of PMC Bank are expected to benefit from the amendments to the Deposit Insurance and Credit Guarantee Corporation Act under which account holders will get up to ₹5 lakh within 90 days of the RBI imposing a moratorium on the bank.

Plight of high-value depositors

However, it is estimated that about 43,000 high-value depositors will still be unable to withdraw their full savings, with many of them being senior citizens.

These high-value depositors account for about 85 per cent of the deposits in the bank.

“We believe that the amendment has been passed, but there is not any information on when we can withdraw funds. So, there is no real benefit to account holders at present,” said Revadhar Tiwari, an account holder with PMC Bank.

Many are planning to visit their bank branches to understand when they can withdraw more funds.

According to sources, the issue is also being discussed on Whatsapp groups of PMC Bank depositors, and many have also been raising the question on social media like Twitter.

The issue of full repayment of savings is the main concern.

“Depositors are eager and awaiting the modality of the payments as how the RBI will give them their hard-earned money. We want a clear formula on how the depositors above ₹5 lakh would be paid. We expect that the savings of all the depositors along with the accrued interest will be returned and urge the RBI Governor to announce that each and every retail depositor’s money would be protected,” said Chander Purswani, President, PMC Depositors Forum.

RBI had, on June 18, 2021, granted “in-principle” approval, valid for 120 days, to Centrum Financial Services Ltd to set up a small finance bank. Once the SFB is floated, PMC Bank would be merged into it.

The bank has been under All Inclusive Directions of the RBI from the close of its business on September 23, 2019, which has been extended till December 31, 2021. At present, the deposit withdrawal limit for PMC Bank has been capped at ₹1 lakh.

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